India's economy with a population of 1.19 billion (Est 2010) ranks 4th in the world with a GDP PPP of 3.5 trillion and GDP PPP per capita of 3,015 vs 45,934 (United States) according to the IMF in 2009. Its currency is the Indian Rupee (INR). Bank deposits held for a fixed term in India are called term deposit or fixed deposits.
According to CIA.gov its inflation was 8.3% in 2008 and 10.9% in 2009. Read More

Retail banking in India is dominated by many large pubic sector banks and private sector banks. Other banks available include co-operative banks, regional rural banks and foreign banks

Largest Banks in India

Public sector banks dominate the countries with around 75% bank assets with top public sector banks including

SBI, the largest bank in India as well as Bank of Baroda, PNB, Bank of India and Canara Bank. For the private sector banks, HDFC and ICICI dominate as well Axis, Kotak Mahindra and IndusInd Bank. All these banks have thousands of branches and ATMs across the country.

Foreign Banks

With a significantly smaller branch network compared to national banks in the country but with more international banking options include Standard Chartered Bank, HSBC, Citibank and Barclays India have retail operations for residents, expats and (NRI) Non resident Indians.

Regulations

In India, the RBI (rbi.org.in) is the regulator of the Indian financial system and the Financial Intelligence Unit (http://fiuindia.gov.in) is the government agency responsible for dessimination and investigations of suspect financial transactions against money laundering and related crimes.